Global Flash: While You Were Sleeping
Source: Marketwatch
Quote for the day : If you just set out to be liked, you would be prepared to compromise on anything at any time, and you would achieve nothing.
- MARGARET THATCHER
Singapore: The Day AheadSINGAPORE DAYBOOK: PRs pull back sharply on private home buys. Their share of February purchases plunges in the wake of the latest cooling measures. [SINGAPORE] The Jan 12 cooling measures appear to have spooked Singapore permanent residents (PRs) looking to buy private homes here. Their share of private home purchases dived in February after the measures introduced additional buyer's stamp duty (ABSD) on a PR's first residential property purchase here. The ABSD rate on subsequent purchases by PRs was also raised significantly.
However, most analysts expect the PR buying share to recover, at least among PRs acquiring their first property.
An analysis of URA Realis caveats data by Knight Frank shows that in February, PRs accounted for just 12.7 per cent of the 789 caveats lodged for the purchase of private homes excluding executive condominiums in that month. This marked a 5.7 percentage-point drop from the 18.4 per cent share held by PRs of the total 2,876 caveats in January.
MARKET SCOOP
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Singapore expects slower rise in visitors this year
First Reit to buy two Indonesia hospitals
RH Energy firms up RTO plan
OCBC Securities says...
NEPTUNE ORIENT LINES | BUY | TP: S$1.38
Despite the constant reminders of lingering economic uncertainty, the Shanghai Containerised Freight Index has stayed within a tight band (1,073-1,246) since the start of CY2013
Although container ship capacity is estimated to increase by at least 10% this year, several liners are quietly confident of a better CY2013 showing in terms of rates
While we view the optimism over CY2013's prospects positively, there is still the likelihood of supply outstripping demand, especially on certain routes such as the transpacific trade lane
We are encouraged by these developments and maintain our view that NOL will have a turnaround year in FY13
Nonetheless, we adjust our estimates downwards as we feel the transpacific route, which is NOL's main revenue contributor, to be especially susceptible to rate fluctuations
OCBC says...
OKP HOLDINGS | HOLD | TP: S$0.48
To recap, 4Q12/FY12 results were generally in line with our expectations
While FY12 net income of S$104.5m (-5% YoY) was 5% lower than our estimate, PATMI of S$12.4m (-53% YoY) was 6% higher than what we expected
OKP's extensive experience in public-sector construction and maintenance projects and its reputation for on-time delivery has secured it an order book of around S$377m (as of Feb), which stretches till 3Q 2015
However, we expect that, going forward, OKP gross profit margin will shrink below the 22% it registered for FY12, due to increasing manpower costs and growing competition
Management indicated that it has found an established foreign partner with which it can jointly compete for work on the new MRT lines
Applying a P/E multiple of 11x to FY13F EPS, we derive a FV of $0.48/share
DMG OSK Securities says...
GUOCO LEISURE | BUY | TP: S$1.25
GuocoLeisure (GLL), the listed leisure and hospitality arm of the Guoco Group, is an undervalued gem sitting on a portfolio of cash-generative, hard-to-replace assets
GLL's crown jewel is its Guoman/Thistle hotel chain, the leading hotel operator in London
An upcoming valuation exercise for GLL's hotels, currently underway, as a result of a privatization offer for its parent Guoco Group by major shareholder Quek Leng Chan, should shed more light on the market value of its hotels and the embedded surplus of the related real estate value
GLL owns a 55% stake in the Weeks Royalty, which entitled it to a 2.5% royalty granted by BHP/EssoMobil on the gross value of all hydrocarbons produced and recovered in designated areas within the Bass Straits of Australia
Trading at massive 53% discount to our SOTP valuation
In our view, GLL offers a compelling asset play with imminent catalysts from restructuring within the group and greater transparency on its hotel assets |
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